Corner of Chart 17: Copytrade and the slow poison you may not realize

Continuing from the previous Chart Corner 16 about short-term choices that bring long-term harm or choosing better things slowly but surely. I believe that everyone has their own choice. But let's sit down so we can share our personal views more deeply on this issue!

Perhaps everyone agrees with me that Copytrade has the benefit of bringing short-term "income" in Trading. But let me analyze more about the harmful effects of copytrade so you can decide if it's worth the trade-off!

WILL THERE BE A PROFIT?

This is the first thing you need to think about when participating in copytrade. Certainly no one can guarantee that 100% will be profitable. If anyone can guarantee that 100% will be profitable - no risk, then 99% is a scam and you need to stay away.

Choosing a good account to copytrade requires you to have the skills to carefully track history over a long period of time to understand the trading method and the level of risk compared to the account's profit. Many signal openers will have tricks to make the signal look good.

Make sure that any account you choose has a stop loss! Because if there is no stop loss, no matter how good the method is or how much x the account is, it is the market's money. Sooner or later the market will get all that money back.

DEPEND ON OTHER PEOPLE'S EMOTIONS

When you copytrade, your money is dependent on someone else. One fine day, they quarrel with their lover, encounter something annoying or get too excited and enter an order without stopping loss, your account may disappear. 

Therefore, if you still decide to copytrade, my advice is to always manage your own risks by withdrawing profits and dividing your capital among several copytrade accounts of different people with different risk appetites. to ensure safety.

WHAT DID YOU LEARN?

If you are thinking that you Copytrade to learn how to trade from others, then in my opinion, you are just deceiving yourself. Because looking at the entry point, you never know why they entered the order.

There are a ton of free documents online that explain methods and entry points. If you don't even bother to learn them so you can trade on your own, hoping that you can learn them just by looking at the entry points is not realistic at all.

SHORT BENEFITS BUT LONG TERM DAMAGES

I myself used to copytrade and also sold signals on MQL5 when I was still using EA.

Before copy trading, I thought that if someone helped me trade, I wouldn't have to worry or need to do anything. But after copying, the feeling was completely opposite.

I realized that I have a lot of negative emotions when thinking whether the order is negative or positive because I don't know what the signal seller will do next, will they forget to cut losses and take profits?

Above all, there is always a tendency to blame others. I myself have not made any progress in Trading.

WHY DON'T YOU COPYTRADE?

I don't open copytrade because I hate money, the main reason is not because I want to help others trade on their own. Simply for myself.

I came to the Trader career because of the freedom, because the job has no boss, opening a copytrade will always put me under pressure to find deals and I don't like that.

In addition, copy trading will make you responsible for a large amount of money. I'm also not confident that I can overcome the psychological pressure when trading with such a large amount of money.

Let me explain once and hopefully no one will comment or email me asking if I copytrade...

These are my personal opinions. If you are copytrading and have good results, I congratulate you. 

And if you have a loss, don't blame yourself, blame yourself because the money is yours, the decision is up to you, no one can force you. Take it as a painful experience, so that it won't happen again next time.

Someone still emailed me to ask if Forex really makes money? Tell me to just answer honestly and I won't tell anyone...

For those who do not have confidence, I advise you to leave the market. I can't answer that it's guaranteed to make a profit, if I say so, it's like I'm lying to everyone. If it were that easy, there wouldn't be 90-95% losers.

But the market is like having a sharp knife in your hand, helping you peel an apple faster but also making it easier for you to cut your hand. It all depends on your skills and focus!

How is everyone trading this week? Comment to let me and everyone know!